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The Marketing Framework Discussion Paper
Marketing, Framework, Discussion, Paper
In this week of assigned learning, it discussed the topic of Marketing Framework, main segmentation in a marketing framework. Marketing framework includes keywords such as 5Cs, segmentation, and 4Ps that helps the business to identify customers, collaborate with customers, segment the customers into a variety of groups, determine the price of products, offer the products at reasonable prices, and attract customers to promote business.
Segmentation refers to divide the market into similar groups that are homogeneous (Iacobucci, 2018). There are different types of segmentation including mass marketing where a single product is designed to all customers and one to one marketing where the product is designed for each one’s needs.
It also discusses the advantages and disadvantages of Mass marketing and one to one marketing. The segmentation of customers is done based on factors such as Demographic, Geographic, Attitudes, and Behavior. It also included a comparison between B2B and B2C segments.
And discussed the way of segmenting the market such as repeat the two approaches like supervisory and consumer based. It covered the estimated segmentation patterns like recognizing data segments, contact database segments, and suitable for business goals. And finally, topic explains the segmentation approaches like breadth, depth, and tailored strategies to develop business growth.
Considering the new product, segmentation plays a key role in marketing the product though it is good or bad. I will convince my friend by explaining the importance of segmentation and how it helps the product to reach the target customers.
Segmentation helps to categorize customers based on demographic, geographic, attitude, and behaviors. Demographic includes age, gender, income, and education of people, their marital status, and their household lifecycle that influences the purchasing of a product.
Geographic refers to the area where the customer resides, marketplace size, and demand of the product. Attitude involves the awareness of people and the worth and cost of the product. Behavior represents the media such as online like social networking sites, movies, magazines, and cables.
So segmentation helps to understand the attitude and behavior of consumers towards the product identify the locations in which product sales will be high and market the product effectively.
There are many ways to collect customer’s data on visiting public parks such as conducting an online survey that includes several questions to collect data regarding customers and using websites. I will use an online survey to collect data for segmenting visitors for public parks such as timings of visits the park in a day and week, a number of times visiting the park in a week, and with whom they go, family, friends, or alone and parks they are visiting.
This collected information helps to segment visitors to public parks effectively. I would expect from the results that everyone is unlike and depending on their time they can go parks with their friends or alone. Also depends on the area safety can affect the timings or if they go to parks alone.
Iacobucci, D. (2018). Management. Cengage learning.
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The main aim of any business strategy in the market would be to outsell their product better than the competitors and gain the large share of the market. To achieve this business entities, inculcate many type of concepts in their day to day activities. They always try to make their product reachable to most number of audiences, so that they will increase the productivity.
So they will try to focus on the market segments which have common type of customers and aim to market their product in the best possible way in these particular segments. In this literature we will try to answer few questions related to the concept of segmentation and also try to gain some knowledge on various aspects of it.
Here are a few reasons listed which explain the importance of the segmentation. This process is the first stage of the marketing and can lead o fruitful results of planned in the best way. Various issues in the market can be addressed and respective strategies can be designed to solve them.
In order to segment the market into different sections, we first need to know on what basis or factors this process should consider beforehand. There are three main factors to be considered to make this process profitable. They are as follows. The first factor is the geographic factor in which the information related to the area, locality, city, country and region are gathered and divided accordingly.
The second main type is the demographic factors such as age, race, religion, education, gender. This factor is one of the mostly followed and adopted one in many business entities. The last type is the psychographic factors such as attitude, lifestyle, spending ability.
All these three factors are considered before proceeding to perform segmentation. For the process of segmentation to be effective there are some indicators or criteria which can make it a good segmentation. They are as follows each of these indicators are very important.
It should be measurable, which means the customers in a particular segment should be identifiable and some data should be there for this purpose. It should be homogeneous in terms of the similarity among the customers. Each segment should be heterogeneous with respect to other segments.
The market segments should be accessible in terms of communication and distribution. Each of the above is the criteria for good segmentation process. If one of my friends is entering into business with an aim of making the product world class and she thinks that the segmentation is not necessary, then I would convince her in the following way.
First I will explain her concept of segmentation and its importance. I will try to show her a few examples of benefits of applying segmentation process. I will also explain her drawbacks, if she does not apply the segmentation process. To segment the visitors to a park by day of the week and by day, first I will try to register their details before entering the park, so that I can find the data about various factors like gender, age group.
Iacobucci, D. (2018). Marketing management. 5th ed. Cengage Learning.
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